Which of the following is an accurate description of the null hypothesis?
A) a formal statement that there is a significant difference between the hypothesized value and the value we find in our sample
B) a formal statement that there is no difference between the hypothesized value and the value we find in our sample
C) a formal statement that there is a slight difference between the hypothesized value and the value we find in our sample
D) an informal statement that there is a large difference between the hypothesized value and the value we find in our sample
E) an informal statement that there is an average difference between the hypothesized value and the value we find in our sample
B
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Which of the following is not permitted under IFRS?
a) reporting of any type of inventory at net realizable value b) lower-of-cost-or-market valuation c) reversals of lower-of-cost-or-market write-downs d) the use of the LIFO cost flow assumption
Which of the following statements most accurately describes the legal principleestablished in the case of Solomon v. Solomon?
A) In the case of fraud, the owners of a company may be personally liable for all debts incurred by it. B) Directors must act in good faith and exercise their powers in the best interests of the company C) Directors owe fiduciary duties to the company D) A company has a separate legal existence from its owners E) A company may survive the death of its members